Singyes averts winding-up petition by settling with Deutsche Bank
The Chinese solar manufacturer will pay the lender an undisclosed sum if its creditors vote, as expected, to back a debt reorganization scheme which will, in turn, unlock a state bail-out of the company by Beijing.
Singyes state bail-out vote at end of the month
Shareholders in the heavily-indebted solar project EPC and building-integrated PV manufacturer will vote on the last day of the month on the proposed takeover of the business by a Chinese state-backed entity. No news has emerged of a winding-up order due to be heard yesterday.
Singyes Solar figures tell story of a dramatic year in Chinese solar
The PV project developer and BIPV manufacturer has seen a glowing set of first-half figures published last year become a nightmare of lost income, debt defaults and frozen bank deposits. All eyes now turn to the business’ high court date on Wednesday.
Singyes wants creditors to vote on debt reorganization in November
The solar developer today announced it will seek permission from the relevant legal authorities in Bermuda – the low-tax haven where it is registered – and Hong Kong, where it is listed, to hold a meeting to present creditors with a rescue plan they can vote on.
Singyes $198m bail-out goes through
The solar manufacturer and project developer appears to have secured a crucial rescue package funded by Chinese state-backed Water Development (HK) and has persuaded the holders of most of its $430 million in defaulted debt to accept a restructuring plan. Next up, the Hong Kong High Court.
Singyes Solar shares suspended as it misses first-half results deadline
The embattled solar manufacturer – which is facing a winding-up petition lodged by Deutsche Bank Hong Kong – says it failed to publish the six-month update by the weekend because of a delay in producing its annual results for last year.
